Krakatoa sees opportunity for re-rate following Loader discovery

(via NewsDirect)

Krakatoa Resources Ltd (ASX:KTA) chairman Colin Locke tells Proactive the company is on a winning streak at its King Tamba Project, 80 kilometres northwest of Mount Magnet in Western Australia's Mid-West, with the further discovery of lithium up to 2.92% Li2O.

The newly-discovered Loader prospect, defined from the second phase of King Tamba’s extensive rock sampling program, is 125 metres southeast of the Wilsons Prospect, where rock chips sampled earlier this month returned up to 4.3% Li2O.

“More encouraging results continue to highlight the prospectivity of the new Wilsons and Loaders high-grade lithium rock chip discoveries with a potential third discovery at MGM,” managing director Mark Major explained to investors on Wednesday.

“Having mineralised pegmatite systems repeated within ‘a stone’s throw’ of each other is a favourable key aspect when considering a suitable tonnage development opportunity.”

Krakatoa has since begun preparations to drill test the lithium potential of King Tamba below surface.

A program of works has been submitted and approved by the WA Department of Mines, meaning the company is hard at work securing heritage approvals and advancing discussions with drilling contractors.

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